Art. 33

(Art. 20 para. 1 let. b CISA)

1. Persons who manage or represent Swiss collective investment schemes or hold the assets of these schemes in safekeeping, or who manage or represent foreign collective investment schemes, or their agents, must ensure the effective separation of the activities of decision-making (asset management), implementation (trading and settlement) and administration.
2. FINMA may regulate the details and in justified individual instances permit exemptions or order the separation of additional functions.